Metals Continue to Rise as Dollar Remains Weak

Metals continued to perform well as prices rose during the Thursday’s trading session. One of the main reason for the good performance was the weakness of the US dollar. Commodities priced in the US currency tend to gain when the greenback falls.

Copper had its own reason to rally in the form of strong demand from China, the world’s backyard bounce house biggest consumer of the industrial metal. Consumption increased in November, and analysts predicted that it will grow by 3% in 2018 compared to 2% in 2017. Supply disruptions in Chile, the world’s top producer, also benefited the metal.

Contract for delivery of copper in March advanced 0.75% to $3.3085 per pound as of 18:48 GMT on COMEX today. Copper for delivery in three months jumped 1% to $7,312.5 per metric ton on LME, reaching the highest level since January 2014. February contract for gold advanced by 0.39% to $1,296.5 per troy ounce on COMEX. March silver gained 0.86% to $16.9 per ounce.

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